By Rebecca Melvin
New York, Feb. 18 – China Communications Construction Co. Ltd. has priced $1.5 billion of subordinated perpetual securities, including $1 billion of 3.425% perpetuals and $500 million of 3.65% perpetuals (expected rating: Baa1), according to a regulatory notice.
The securities have a rate reset after five years on Feb. 21, 2025, and they will be optionally callable after five years.
Credit Suisse, HSBC, Bocom International, CLSA, Huatai Financial Holdings (Hong Kong) Ltd., SMBC Nikko and Standard Chartered Bank are joint bookrunning managers of the Regulation S issuance.
The proceeds will be used to refinance existing debt and for general corporate purposes.
The company and the issuer have made an application to list both series of the securities on the Hong Kong Stock Exchange.
The construction company is based in Beijing.
| Issuer: | China Communications Construction Co. Ltd.
|
| Issue: | Subordinated perpetual securities
|
| Amount: | $1.5 billion
|
| Bookrunners: | Credit Suisse, HSBC, Bocom International, CLSA, Huatai Financial Holdings (Hong Kong) Ltd., SMBC Nikko and Standard Chartered Bank
|
| Call: | After five years
|
| Pricing date: | Feb. 13
|
| Closing date: | Feb. 21
|
| Expected rating: | Moody’s: Baa1
|
| Distribution: | Regulation S
|
|
|
| Series A
|
| Amount: | $1 billion
|
| Coupon: | 3.425%, resettable on Feb. 21, 2025
|
| Price: | Par
|
| Yield: | 3.425%
|
|
|
| Series B
|
| Amount: | $500 million
|
| Coupon: | 3.65%, resettable on Feb. 21, 2025
|
| Price: | Par
|
| Yield: | 3.65%
|
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